Part 2 of a 2 Part Series - Read Part 1 Here
In the first part of this blog series, we looked at some of the reasons for changes in charitable giving trends. In this part, we’ll look at how non-profits should approach fundraising.
As donor behavior continues to change, not-for-profit organizations have had to rethink how they approach fundraising. As millennials become bigger players in both the workforce and charitable giving, charities will have to continue trying new ways to reach them. The following is a list of best practices on marketing to potential millennial-aged donors.
- Transparency – Major scandals related to charities have made the giving public more guarded about how and where they give. Studies show that donors place growing value on transparency and are willing to reward it. Non-profits should strive to be forthcoming about how they spend their money and how well they serve their constituency.
- Efficiency – Potential donors want to know how much of their dollar will go to their intended recipient. Heavy, bloated charities with high executive salaries have fallen out of favor as information related to efficiency has become more readily available.
- Honesty – Non-profits should offer an honest, frank depiction of the plight of the constituency they serve. Millennial donors respond more readily to individual appeals rather than to broad statements about need. The greater the individualization of the appeal, the more likely they are to respond.
- Flexibility – Millennials are more likely to donate their time than their baby boomer counterparts. They are also much more likely to donate after seeing the direct impact of a non-profit’s activities. Make direct appeals for their time before asking for their money.
Times have changed, and giving along with it. Not-for-profits have had to adapt and think of new ways to appeal to prospective donors. If your not-for-profit needs help improving your transparency and organizational efficiency, we can help. Contact Zinner today for a free assessment of your organization’s operations.